Trade Secretary Fred Pascual has expressed optimism about the potential increase in South Korea’s investments in the Philippines once the Regional Comprehensive Economic Partnership (RCEP) agreement comes into effect on June 2, 2023.
Pascual made these comments during the inauguration ceremony of Samsung Electro-Mechanics Philippines Corporation’s new complex building in Calamba, Laguna on May 31, 2023. He believes that this investment will not only bolster economic activity in the area but also generate more employment opportunities and boost exports.
Highlighting South Korea’s significance as one of the top five investing nations for the Philippine Economic Zone Authority (PEZA), Pascual is hopeful that the implementation of the RCEP Agreement will further strengthen this standing.
According to data from the Bangko Sentral ng Pilipinas, South Korean companies invested a total of $20.51 million in the Philippines in 2022, surpassing China’s investment of $15.69 million.
Samsung Electro-Mechanics Philippines Corporation (SEMPHIL) operates as an export and logistics service enterprise, specializing in the production of multi-layer capacitors (MLCC) and thick film chip resistors (TFCR). With an investment of over P25 billion and exports exceeding $80 million, SEMPHIL has become a significant contributor to the Philippine economy, employing nearly 7,000 individuals.
SEMPHIL’s new facility strengthens the Philippines’ role in the global supply chain as it expands its participation in international trade and manufacturing activities.
